MIRA INFORM REPORT
|
Report Date : |
22.07.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
IHI CORP
|
|
|
|
|
Registered Office : |
Toyosu IHI Bldg,
3-1-1 Toyosu Kotoku Tokyo 135-8710 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
January
1889 |
|
|
|
|
Com. Reg. No.: |
(Tokyo-Kotoku)
031604 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Engineering works of aerospace, ships/marine structure,
industrial machinery, energy-related fields |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Yen 15,165.7 Million |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
Usually Correct |
|
Litigation : |
----- |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Japan |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
IHI CORP
REGD NAME
KK I H I
MAIN OFFICE
Toyosu IHI Bldg,
3-1-1 Toyosu Kotoku Tokyo 135-8710 JAPAN
Tel:
03-6204-7800 Fax: 03-6204-8800
E-Mail address: webmaster@IHI.co.jp
ACTIVITIES
Engineering
works of aerospace, ships/marine structure, industrial machinery,
energy-related fields
BRANCHES
Tokyo
(3), Yokohama, Chita, Nagasaki, Aioi, Kure, Soma, other (Tot 19)
OVERSEAS
Paris, Piraeus, Bangkok, Beijing, Shanghai, Taipei, Kaohsiung, Hanoi,
Jakarta, Manila, Seoul, New Delhi, Algiers (--branch offices) (Tot 14)
(Subsidiaries/JV’s):
Europe (9), Americas (11), Oceania (1), Asia (24, including 9 in China)
FACTORIES
Aioi,
Kure, Soma, Yokohama, Mizuho, Chita, other (Tot 10)
CHIEF EXEC
KAZUAKI
KAMA, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,187,292 M
PAYMENTS REGULAR CAPITAL Yen 95,762 M
TREND SLOW WORTH Yen
253,640 M
STARTED 1889 EMPLOYES 26,035
COMMENT
HEAVY ELECTRIC MACHINERY MFR.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 15,165.7 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/03/2012 fiscal term
HIGHLIGHTS
This is a major comprehensive heavy electric machinery mfr expanding operations
in aerospace, ships/marine structures, industrial machinery/energy related
fields, other. Bought aerospace business
from the then ailing Nissan Motor in 2000.
Highly competitive in aerospace and defense areas. Largest mfr of aircraft jet engines for civil
aircraft. Has business alliance in
shipbuilding with Mitsui Engineering & Shipbuilding and Kawasaki Heavy
Industries. Strong in large bridge
projects including the Akashi Kaikyo Bridge, linking Honshu Island and Shikoku
Island. Actively expanding into
environmental sector such as garbage processing. Has business tie-up with Ebara Corp, pump/air
blower mfr, Tokyo, for garbage incineration and pumps. The firm withdrew from unprofitable
operations to focus on growth areas such as aircraft engines, energy-related
fields such as LNG, auto turbochargers on a global basis. Pulled out of overseas cement project. Developed mfg equipment for vaccines for
new-type influenza in collaboration with pharmaceutical venture firm. Launched a new sales base in Brazil in autumn
2010 to develop the sales channel of floating LNG plants. In railway rollingstock, it is planning to
move into China with diesel railcars.
An N-power plant equipment JV with Toshiba Corp will start up operations
in full scale in March 2012 term. Has
business alliances in shipbuilding with Mitsui Engineering & Shipbuilding
& Kawasaki Heavy Industries. The
firm completely restored in May the Soma Plant, Fukushima, damaged by the
recent Great East Earthquake and aims to clear delayed deliveries through
increased production, including outsourcing.
It will start up in-house power generation facilities at the halted
Mizuho plant in Tokyo and is also planning power sales. It will advance into ocean LNG tanks.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 1,187,292
million, a 4.5% down from Yen 1,242,700 million in the previous term. The economy generally remained on a recovery
track, but close to the end of the fiscal year under review on Mar 11, 2011 the
Great East Japan Earthquake occurred. As
a result, mfg activity across the Japanese economy contracted sharply over a
short period of time, putting considerable downward pressure on exports and
domestic private-sector demand. Although
sales from Rotating & Industrial Machinery Operations rose sharply, overall
net sales declined, due mainly to lower sales from Energy & Space
Operations. The recurring profit was
posted at Yen 51,482 million and the net profit at Yen 29,764 million,
respectively, compared with Yen 33,027 million recurring profit and Yen 17,378
million net profit, respectively, a year ago
For the current term ending Mar 2012 the recurring profit is projected
at Yen 33,000 million and the net profit at Yen 20,000 million, respectively,
on a 1.1% rise in turnover, to Yen 1,200,000 million. Orders will rise 4% to Yen 1.25
trillion. Mainline plants sales will be
sluggish due to peaked-out lucrative orders works delays caused by the nuclear
disaster. Aerospace equipment will be
hurt by a declining operating rate after earthquake damage to the Soma Plant,
which, however resumed operations in May, as aforesaid. Vehicle-use turbo engines sales are expected
to grow slowly for Japanese firms.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 15,165.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jan 1889
Regd No.: (Tokyo-Kotoku) 031604
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
3,300 million shares
Issued: 1,467,058,482 shares
Sum: Yen 95,762
million
Major shareholders
(%): Japan Trustee Services Bank T 4.1), JSB (Toshiba Corp) (3.7), Dai-ichi
Life Ins (3.6), TCSB (Mizuho Bank) (2.9), Master Trust Bank of Japan T (2.7),
Nippon Life Ins (1.6), Company’s Kyoeikai Assn (1.7), Mitsui Sumitomo Ins
(1.5), Mizuho Corporate Bank (1.4); foreign owners (17.7)
No. of
shareholders: 108,858
Listed on the
S/Exchange (s) of: Tokyo, Osaka, Nagoya, Fukuoka, Sapporo
Managements: Kazuaki Kama,
pres & CEO; Yuji Hiruma, v pres; Ichiro Hashimoto, v pres; Tamotsu Saito, v
pres; Fusayoshi Nakamura, v pres; Makoto Serizawa, dir; Kazuo Tsukahar, dir;
Sadao Idekawa, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: IHI Aerospace,
IHI Marine United, IHI Europe Ltd, other
OPERATION
Activities: Heavy machinery
engineering works:
(Sales Breakdown
by Divisions):
Distribution
Systems & Steel Structures (17%): material handling systems, physical
dis-tribution & factory automation systems, parking systems, bridges,
construction materials;
Industrial
Machinery (12%): iron & steel mfg equipment, vehicular turbochargers, mass-produced
machinery, others
Energy & Plant
Operations (26%); boilers, gas turbines, components for nuclear power plants, environmental control systems,
storage facilities, others;
Aero-Engine &
Space Operations (23%): jet engines, space-related equipment, others;
Shipbuilding &
Offshore Operations (15%): shipbuilding, ship repairs, offshore struc-tures;
Other
Operations (7%): diesel engines, agricultural machinery, construction machinery, financing & service industry, marine
transport, others
Overseas sales
ratio (43%).
Clients: [Government
agencies, electric powers, mfrs] Defense Agency, Toshiba Corp, Japanese Aero
Engine Corp, Tokyo Electric Power, Sumitomo Metal Ind, Japan Nuclear Fuel, other.
No. of accounts: 2,000 - 3,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers]: Ishikawajima Plant Construction, Ishikawajima Transport Machinery, JAS Aircraft, Ishikawajima
Mass-Produced Machinery, Mitsui Bussan Aerospace,
other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho
Corporate Bank (H/O)
SMBC
(H/O)
Relations:
Satisfactory
|
|
FINANCIALS
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2011 |
31/03/2010 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
1,187,292 |
1,242,700 |
||
|
|
Cost of Sales |
976,846 |
1,048,875 |
|||
|
|
GROSS PROFIT |
210,446 |
193,825 |
|||
|
|
Selling & Adm Costs |
149,056 |
146,680 |
|||
|
|
OPERATING PROFIT |
61,390 |
47,145 |
|||
|
|
Non-Operating P/L |
-9,908 |
-14,118 |
|||
|
|
RECURRING PROFIT |
51,482 |
33,027 |
|||
|
|
NET PROFIT |
29,764 |
17,378 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
116,422 |
76,641 |
||
|
|
Receivables |
|
291,033 |
320,227 |
||
|
|
Inventory |
|
363,099 |
404,455 |
||
|
|
Securities, Marketable |
1,183 |
30,894 |
|||
|
|
Other Current Assets |
81,668 |
109,525 |
|||
|
|
TOTAL CURRENT ASSETS |
853,405 |
941,742 |
|||
|
|
Property & Equipment |
328,739 |
290,909 |
|||
|
|
Intangibles |
|
21,056 |
23,116 |
||
|
|
Investments, Other Fixed Assets |
158,241 |
156,654 |
|||
|
|
TOTAL ASSETS |
1,361,441 |
1,412,421 |
|||
|
|
Payables |
|
269,445 |
241,185 |
||
|
|
Short-Term Bank Loans |
134,885 |
173,527 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
286,801 |
343,452 |
|||
|
|
TOTAL CURRENT LIABS |
691,131 |
758,164 |
|||
|
|
Debentures |
|
53,565 |
40,000 |
||
|
|
Long-Term Bank Loans |
162,151 |
184,190 |
|||
|
|
Reserve for Retirement Allw |
132,347 |
135,217 |
|||
|
|
Other Debts |
|
68,607 |
67,785 |
||
|
|
TOTAL LIABILITIES |
1,107,801 |
1,185,356 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
95,762 |
95,762 |
|||
|
|
Additional
paid-in capital |
43,037 |
43,028 |
|||
|
|
Retained
earnings |
95,973 |
65,933 |
|||
|
|
Evaluation
p/l on investments/securities |
6,508 |
9,462 |
|||
|
|
Others |
|
12,448 |
12,985 |
||
|
|
Treasury
stock, at cost |
(88) |
(105) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
253,640 |
227,065 |
|||
|
|
TOTAL EQUITIES |
1,361,441 |
1,412,421 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2011 |
31/03/2010 |
||
|
|
Cash
Flows from Operating Activities |
|
95,565 |
76,708 |
||
|
|
Cash
Flows from Investment Activities |
-77,798 |
-62,754 |
|||
|
|
Cash
Flows from Financing Activities |
-25,907 |
-1,800 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
115,025 |
124,870 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
253,640 |
227,065 |
||
|
|
|
Current
Ratio (%) |
123.48 |
124.21 |
||
|
|
|
Net
Worth Ratio (%) |
18.63 |
16.08 |
||
|
|
|
Recurring
Profit Ratio (%) |
4.34 |
2.66 |
||
|
|
|
Net
Profit Ratio (%) |
2.51 |
1.40 |
||
|
|
|
Return
On Equity (%) |
11.73 |
7.65 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.43 |
|
UK Pound |
1 |
Rs.71.90 |
|
Euro |
1 |
Rs.63.41 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.